CBN Assures Nigerians Their Funds Are Safe in Banks

The Central Bank of Nigeria, CBN has affirmed the safety of funds in Nigerian banks and emphasising the stability of the country’s banking sector.

The apex bank therefore advised the public to continue with their regular banking activities without succumbing to the alarm caused by unverified reports not originating from the CBN concerning the health status of Nigerian banks.

The CBN stated that it is fully equipped to carry out its statutory duty of upholding a stable financial system in Nigeria.

In a statement issued by the CBN acting Director, Corporate Communications, Hakama Sidi-Ali, today, the apex bank said the CBN has noticed reports, in certain media outlets, about a recommendation for the Federal Government to take over some CBN-supervised financial institutions.

It noted that for the avoidance of doubt, Nigerian banks remain safe and sound.

The CBN further encouraged the public to continue their regular activities without being alarmed by reports that have not emanated from the CBN about the health status of Nigerian banks.

It assured the general public and depositors about the safety of their funds in Nigerian financial institutions.

The clarification comes after the report by the CBN’s special investigator, Jim Obazee, that the embattled former governor of the apex Bank, Godwin Emefiele, used proxies, to set up two financial institutions.

The report fuelled speculations that the CBN may take over Titan Trust Bank (former Union Bank) and Keystone Bank.

Obazee, appointed special investigator in July 2023, submitted his final report to the Presidency on December 20, 2023.